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French Court Rejects 75 Percent Millionaire's Tax
Reuters Wire Service ^
| 12/29/12
| Emile Picy and Catherine Bremer
Posted on 12/29/2012 8:12:40 AM PST by usconservative
(Reuters) - France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit.
(Excerpt) Read more at reuters.com ...
TOPICS: Front Page News
KEYWORDS: 75percent; constitution; courts; economy; france; taxes
Well, at least France's courts still have common sense and at least some form of reverence for the law. Too bad our courts here in America don't.
To: usconservative
Finance Minister Pierre Moscovici said the rejection of the 75 percent tax and other minor measures could cut up to 500 million euros in forecast tax revenues but would not hurt efforts to slash the public deficit to below a European Union ceiling of 3 percent of economic output next year. So "taxing the rich" was never really about cutting France's deficit - it was really about soaking the rich much like it is here in the United States!
See, France proves that simply "taxing the rich" doesn't solve the problem. They knew it when they instituted the now Un-Constitutional tax - but they did it anyway to make their own "47%" feel better.
I really wonder if any of the Sunday morning talking-head programs are going to pick up on this. Wonder if Rush will when he returns........
2
posted on
12/29/2012 8:16:01 AM PST
by
usconservative
(When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
To: usconservative
Too bad, I would have liked to have seen the results from this tax after a year, most likely collecting less money from far less millionaires.
3
posted on
12/29/2012 8:25:25 AM PST
by
AU72
To: AU72
I think you're going to see those results anyway due to the number of millionaire's that already moved out of France. What's that actor's name who left France for Brussels to save on his taxes? Caused a big uproar in France...
4
posted on
12/29/2012 8:28:00 AM PST
by
usconservative
(When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
To: usconservative
BAHAHAHAHA
Take THAT you communist FREAKS!
Now take our guns in the USA! I dares you.
5
posted on
12/29/2012 8:29:10 AM PST
by
Crazieman
(Are you naive enough to think VOTING will fix this entrenched system?)
To: usconservative
The idiots who come up with 75% tax rates would have no problem going much further. I'm sure they would have no problem locking up the rich for their own safety and charging them the remaining 25% to pay for it.
Gold is not neccesary. I have no interest in gold. We will build a solid state, without an ounce of gold behind it. Anyone who sells above the set prices, let him be marched off to a concentration camp. That's the bastion of money.
-Adolph Hitler
6
posted on
12/29/2012 8:32:43 AM PST
by
cripplecreek
(REMEMBER THE RIVER RAISIN!)
To: usconservative
Can we make a trade? One of them for John Roberts and a jurist to be named later.
7
posted on
12/29/2012 8:46:21 AM PST
by
PGalt
To: cripplecreek
Very interesting quote from Hitler. Thanks.
8
posted on
12/29/2012 8:50:27 AM PST
by
PGalt
To: PGalt
Hitler was playing from the same playbook as every other marxist, socialist, communist whe ever existed.
The efficiency of the truly national leader consists primarily in preventing the division of the attention of a people, and always in concentrating it on a single enemy.
-Adolph Hitler.
Pick the Target, Freeze It, Personalize It and Polarize It.
- Saul Alinsky, Rules for Radicals.
9
posted on
12/29/2012 8:57:12 AM PST
by
cripplecreek
(REMEMBER THE RIVER RAISIN!)
To: usconservative
10
posted on
12/29/2012 9:11:43 AM PST
by
GOP Poet
To: usconservative
There is a tax rate which produces the optimum amount of revenue to the government.
75% is way too high. It will reduce revenue.
They know this on both sides of the Atlantic.
This is a political side show.
11
posted on
12/29/2012 11:25:45 AM PST
by
cicero2k
To: cripplecreek
Gold is not necesary. I have no interest in gold. We will build a solid state, without an ounce of gold behind it. Anyone who sells above the set prices, let him be marched off to a concentration camp. That's the bastion of money. -Adolph Hitler
I suppose you could say Hitler's Germany was on the Lead Standard. Much like Mao saying, "Political power grows from the barrel of a gun."
12
posted on
12/29/2012 11:41:05 AM PST
by
seowulf
("If you write a whole line of zeroes, it's still---nothing"...Kira Alexandrovna Argounova)
To: seowulf
Hitler was lying. He needed gold, other people’s gold and when there were no more German’s to strip of their wealth they had to move on to the next country.
13
posted on
12/29/2012 1:03:27 PM PST
by
cripplecreek
(REMEMBER THE RIVER RAISIN!)
To: usconservative
take our trials to France....Send obamacare to the French courts.....in fact, send obama.....
14
posted on
12/29/2012 1:57:35 PM PST
by
The Wizard
(Madam President is my President now and in the future)
To: AU72
how high will the court let it get?
15
posted on
12/29/2012 8:01:28 PM PST
by
GeronL
(http://asspos.blogspot.com)
To: cicero2k
didn’t FDR give us 90% rates?
16
posted on
12/29/2012 8:05:27 PM PST
by
GeronL
(http://asspos.blogspot.com)
To: GeronL; AU72; usconservative
This decision doesn't change much... or at least not for long. The reason the French Constitutional Court rejected the plan as unconstitutional was not because the rate was "too high" - it was because some other provisions in the law made it possible for two families having the exact same income to pay significantly different overall tax rates, depending on the distribution of
"household income" vs
"individual income" - this violates the rule of
"equal tax treatment"... which is kind of ironic,
n'est-ce pas? For example, a household with one income earner of 1.5M or with two individual income earners of 1.2M and 300,000 will pay much more in taxes than a family of two individual income earners of 900,000 and 600,000.
Hollande and French PM Jean-Marc Ayrault already stated that they will fix additional provisions of the law not to violate the "equality" rule in the next revision of the law, so the top marginal rate of 75% will be in place soon enough unless the French tire of losing their rich and famous to Belgium and other places. Ruling doesn't call into question the revenue or deficit targets or the constitutionality of higher rates.
Currently, the top tax rates stand at 57% for income. The Court also lowered the tax on stocks and options from planned 77% to 64.5%, and on the "retraites chapeau" (private retirement benefit income) from planned 78% to 68%.
In addition, the Court nixed the plan to assess the tax on unrealized (!) capital gains - due to requirements of taking into account the ability to pay the tax!
What's interesting is that French Socialists are doing this fully realizing that the tax would not bring desired revenue to combat deficit - they estimate the additional annual collection of just 500M, a negligible amount relative to the deficits.
What is even more interesting is that France is running a deficit of about 4.5% while she is required by ECU to have deficits of no more than 3%.
The U.S. in the last few years has been running the deficits of 7% or more, and is projected to do not much better, absent substantial cuts in federal spending which currently takes up to 25% of GDP.
17
posted on
12/30/2012 1:47:59 AM PST
by
CutePuppy
(If you don't ask the right questions you may not get the right answers)
To: CutePuppy
wow. That is insane. So a 2-earner family will be treated like one really rich person?
That is crazy.
18
posted on
12/30/2012 9:08:09 AM PST
by
GeronL
(http://asspos.blogspot.com)
To: usconservative
Of course, a U.S. court would find such a tax entirely constitutional. After the contortions in which the Supreme Court engaged to uphold the constitutionality of ObamaCare — the individual mandate was a permissible tax — the government pretty much has been given the authority to do pretty much whatever it wants in taxation.
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